Arese Ugwu appointed acting NASD CEO in Nigeria — Premium Times Nigeria
The National Association of Securities Dealers of Nigeria (NASD) has appointed Arese Ugwu as acting chief executive officer. The decision still requires approval from Nigeria’s Securities and Exchange Commission (SEC), Premium Times Nigeria reports.
Change in NASD leadership
NASD, which is an over-the-counter market and self-regulatory organisation, announced the appointment in a post on X. Ugwu will replace Eguarekhide Longe, who recently retired after several years with the organisation.
Commenting on the appointment, Ugwu said she aims to make NASD a platform where promising Nigerian companies can raise capital for growth, while investors can participate in the value they create.
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SEC sanctions in 2017
In 2017, the SEC suspended Ugwu from capital market activities for five years and barred her from holding director positions in any public company in Nigeria. At the time, she was a member of the board of directors of Partnership Investment Company.
The regulator also ordered Ugwu to pay a fine of 100,000 naira for violating Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees. According to the SEC, the sanctions were linked to allegations of unprofessional conduct in the capital market.
In the same decision, the SEC barred Victor Ogiemwonyi, head of Partnership Investment Company Plc and Partnership Securities Limited, from holding director positions in public companies in the country. Ugwu founded Smart Money Africa and is the author of the 2016 book The Smart Money Woman. The book was adapted into a Netflix/Africa Magic series.
